All Forum Posts by: Kevin Scott

@Wayne Hunter You live here so you see them around. I even saw one turned into a Jesus Saves sign the other day.

@Curtis Mears Be patient. I have made a dozen or so offers and have not bought anything yet. Its just really hard to find any deals where the rent justifies the price.

You lose the fee if you back out during the due diligence period. If you complete the DD period then back out you lose the earnest money.

my broker said today she doesn't put and due diligence on a short sale.

@Steve K No I do not plan to hire a PM. And yes I figure I'm going to have to cut my teeth on something new.

I'm comfortable with the 100% leverage. I can pay the down payment out of investments and that's what I'm not comfortable with yet.

@Matt Devincenzo thanks for correcting me with the vacancy. Also I appreciate your candid feedback. I hope to go see it today and see how well it stands.

$15,209 for expenses + $3120 for vacancy = $18,329 (329 not 339. typo error on my part [spreadsheet is right])

Busted me I had 48.7% for exp.

I have $28,080 as my Gross Operating Income before vacancy.

Thanks @Deborah Burian I have an email into my agent right now for comps.

yes its a 30 year note.

Need a little feedback.

4-Plex out of my area.

Purchase Price $180,000
Conventional Financing 75% @ 5.25% / HELOC 25% @ 3.25%
Rents total $2600/mo (3 leases up 1 year, 1 in 1 month)

Gross Rent $31200
Exp $18339 (assuming 50% including vacancy)
NOI $12871

Debt $11296

CF $1575

Is the CF too little for my first property? A little bit of a pipe dream that I can squeeze a little more out of the rent in the near future.

Not 100% on how much is needed in the units so I'm guessing at $5K. That will be paid cash out of my pocket. (waiting on #'s)

Other previous listed "renovated" units in the same complex rent for $700-$725. So there is a possibility of getting a little more out after leases are up in 1 year.

Should I offer more/less? I believe it could be a short sale.

@Anthony P. is very correct. Its very hard to find good deals in Raleigh.

I'll be at TREIA tonight!